Sheldon Adelson warns of lower Japanese investment

Sheldon Adelson, the outspoken Chief Executive Officer for Las Vegas Sands Corporation, has reportedly criticized the group of civil servants currently formulating the specific rules and guidelines for Japan’s coming integrated casino resorts.

According to a report from Asia Gaming Brief, the 84-year-old American casino magnate warned on Friday that the passage of measures being proposed by the Office of Integrated Resort Regime Promotion would see his firm lower its planned investment for any integrated casino resort development for which it wins a license.

Las Vegas Sands Corporation is reportedly competing against the likes of Crown Resorts Limited, Boyd Gaming Corporation, Genting Singapore, Galaxy Entertainment Group Limited and Melco Resorts and Entertainment Limited for one of up to four licenses to open an integrated casino resort in Japan. Widely considered to be among the front-runners, the Las Vegas-based firm is thought to be interested in opening its gambling venue in the city of Osaka although locations in and around Tokyo could moreover be a possibility.

Adelson reportedly voiced his criticism to reporters following a private meeting with Osaka Governor Ichiro Matsui and the city’s mayor, Hirofumi Yoshimura, on September 1. He allegedly stated that draft regulations from the Office of Integrated Resort Regime Promotion that would cap any investment at around $5 billion would not allow for the construction of “the best kind of integrated resort”. The Boston-born entrepreneur also explained that the rules should be revised in order to allow for an investment of up to $10 billion.

Asia Gaming Brief reported that Matsui most likely shares Adelson’s concerns as he has previously publicly criticized the central government’s proposals. However, it detailed that it still remains unclear whether Tokyo will take action due to widespread public opposition to the plan to permit integrated casino resorts.

Sheldon Adelson warns of lower Japanese investment was last modified: September 4th, 2017 by Adam Morgan